Overview
Discussions Key data points
Last release
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Observation period
2023
Next release
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Forecast
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Highest
8.88 % on Dec 31, 2022
Lowest
−7.66 % on Dec 31, 2009
About Iceland Full Year GDP Growth
Iceland's economy depends heavily on the fishing industry, which provides 40 percent of export earnings, more than 12 percent of GDP, and employs nearly 5 percent of the work force. Its economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. On the expenditure side, household consumption is the main component of GDP and accounts for 53 percent of its total use, followed by government expenditure (24 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 54 percent of GDP while imports account for 47 percent, adding 7 percent of total GDP.